UK mobile operator Vodafone is getting into the smartphone leasing game, debuting its new ‘Red Hot’ smartphone plan that provides customers with the option to rent a flagship smartphone over a 12 month period.

If you sign up on a Red Hot plan, you can rent an iPhone 5, Samsung Galaxy S III or Galaxy Note for a set fee each month and includes unlimited calls and texts, 2GB of data but also insurance coverage – then you give it back and upgrade when the rental period is up.

Vodafone allows you to choose from three phones at launch, offering different price plans for the different models of the same smartphone:

The smartphone rental idea isn’t new – O2 launched O2 Lease back in December 2011 – but Vodafone’s Red Hot plan appears to be a bit more consumer friendly, offering unlimited options to potential customers. Both plans offer insurance coverage, ensuring that while you don’t own the device, you will be protected if it is damaged, stolen or lost.

If there isn’t a smartphone that you want to upgrade to at the end of the 12 month rental plan, you can hold onto it until you find one.

Currently, you can only sign up for Vodafone’s Red Hot plan in store, but we imagine it will be rolled out online at some point in the future.